October 17, 2008

Krugman Bearish on U.S. Economy and Jobs

Nobel prize winning economist Paul Krugman sees a nasty recession with plenty of suffering to come, even if frozen credit markets thaw. Krugman said a rise in the unemployment rate to 7 percent seems almost certain and sees an increase of unemployment to 8 percent at better than even. The generally reported jobless rate in September stood at a five-year high of 6.1 percent. To find out a closer estimate of the real unemployment at 11% in September, check out Unemployment: Media Short on Truth.

Krugman pointed out the fact that there simply isn’t enough money in circulation to thaw the markets and that the bailout plan approved by Congress isn’t enough.

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